Brent crude oil prices rose more than a dollar to above $60.50 a barrel on Tuesday, tracking firmer Asian markets, but analysts warned the market remained oversupplied.

Most Asian stock markets edged up on Tuesday, bolstered by a record day on Wall Street, while a resurgent yen helped knock the US dollar index off an 11-year high, making commodities priced in the greenback slightly cheaper for holders of other currencies.

Data showing China’s January crude oil throughput climbed 0.6 per cent on year to 39.35 million tonnes, or 9.27 million barrels per day, also supported the oil market.

Front-month Brent futures were trading up $1 at $60.54 a barrel by 0632 GMT, just off the day’s high of $60.74. US WTI futures were up 42 cents to at $50.01 a barrel.

Gold edged higher on Tuesday, recovering from early losses that pulled it briefly below $1,200 an ounce, as the dollar came off an 11-year peak against a basket of currencies.

But expectations for a US interest rate hike limited bullion’s gains, keeping it below Monday’s two-week high. Gold fell the most in five months in February, with the Federal Reserve seen to be set to lift rates this year for the first time since 2006 amid a generally strengthening US economy.

Spot gold was up 0.2 per cent at $1,209.60 an ounce at 0619 GMT after falling nearly 1 per cent earlier to a session low of $1,194.90.

Firm Chinese demand had kept gold above $1,200 since last week, climbing to a two-week top of $1,223.20 on Monday.

US gold for April delivery gained 0.1 per cent to $1,209.70 an ounce after dropping to $1,194.60.

Brent crude futures rose above $60 a barrel on Tuesday, after a sharp drop in the previous session on record US stocks, as firm Asian markets supported prices.

Most Asian stock markets edged up, bolstered by another record day on Wall Street, while a resurgent yen helped knock the US dollar index off an 11-year high, making commodities priced in the greenback cheaper for holders of other currencies.

Front-month Brent futures were trading at $60.40 a barrel at 0430 GMT, up 86 cents from their settlement. US WTI futures were up 35 cents at $49.94 a barrel.